REX-Shares and Osprey Funds Launch First ETFs for DOGE, XRP

Core Insights - The SEC has approved exchange-traded funds (ETFs) that can invest in Dogecoin (DOGE) and XRP, marking a significant development in the cryptocurrency investment landscape [1][5]. Group 1: ETF Launch Details - REX-Shares and Osprey Funds have launched the first U.S.-listed spot ETFs for Dogecoin and XRP on the CBOE exchange, trading under the tickers DOJE and XRPR [2][3]. - The REX-Osprey partnership has outpaced larger asset managers like Bitwise and Franklin Templeton in bringing these altcoins to U.S. securities exchanges [3]. Group 2: Approval Process and Structure - The REX-Osprey partnership utilized an alternative listing strategy under the Investment Company Act of 1940, which allowed for a faster approval process compared to the traditional Securities Act of 1933 [3][6]. - The new funds employ a combination of spot exposure and derivatives to comply with SEC regulations that prohibit holding all assets in a single commodity [4][6]. Group 3: Market Context - Other ETF applications for cryptocurrencies such as Solana (SOL), Cardano (ADA), and Polkadot (DOT) are pending, indicating a growing interest in altcoin investment vehicles [2]. - The SEC continues to delay approvals for "pure" spot altcoin ETFs structured under the Securities Act, with deadlines for decisions on various funds being extended [5].